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Questions and Answers
What is the main focus of incipient markets?
What can cause latent demand to exist in foreign markets?
What activity is crucial to convert latent demand into 'ready demand'?
Why are international marketers likely to be attracted to incipient markets?
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What is essential for international marketing managers to assess in order to fulfill demand in domestic and foreign markets?
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What does servicing incipient demand involve?
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What are the two forms in which international marketing opportunities exist?
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What is the primary task of the managerial team when identifying international marketing opportunities?
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What should a company focus on when there is already existing demand for certain products and services in foreign countries?
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What are the indicators of international marketing opportunity according to the text?
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International marketing opportunities exist in the form of either unfulfilled demand in a foreign country or goods and services in domestic markets.
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The primary indicators of international marketing opportunity are the demand and supply situation for products in the domestic market.
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When there is already existing demand for certain products and services in foreign countries, the marketing task is to offer equal value to the customers.
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The managerial task is to assess the nature of domestic market demand and your company's ability to serve that demand when identifying international marketing opportunities.
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Latent demand may exist in foreign markets due to the lack of technological solutions for certain problems.
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Incipient demand usually corresponds with the declining stage of market evolution.
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Servicing incipient demand involves minimal market development activities.
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To benefit from latent markets, a company must study the needs and wants of people in foreign markets and be prepared to undertake market development activities.
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Existing demand in foreign countries can be visible through local shortage of goods, substantial exports, or lower prices charged for these goods in local markets.
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Marketers are likely to be attracted to incipient markets because they provide early signals for low market growth.
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Study Notes
Incipient Markets
- Focus on developing markets that show potential for growth and demand.
- Often associated with the declining stage of market evolution where demand is emerging.
Latent Demand in Foreign Markets
- Exists due to a lack of technological solutions for specific issues.
- Driven by unmet needs and wants of consumers that have not been addressed.
Converting Latent Demand to 'Ready Demand'
- Requires crucial market development activities to understand and engage with potential customers.
- Assessment of consumer needs in foreign markets is vital.
Attraction of International Marketers to Incipient Markets
- Early signals of low market growth present opportunities for innovation and entry.
- Potential for capturing market share before competitors.
Assessment for Fulfilling Demand
- International marketing managers must evaluate the nature of domestic demand and the company's capability to meet that demand.
- Essential to address both domestic and foreign market requirements effectively.
Servicing Incipient Demand
- Involves minimal but strategic market development efforts to create awareness and availability.
- Focused on establishing initial presence before scaling operations.
Forms of International Marketing Opportunities
- Exist in unfulfilled foreign demand for goods and services.
- Also include domestic market products with potential for international expansion.
Managerial Team's Role
- Primary task is to identify and evaluate international marketing opportunities.
- Critical analysis of demand and the company's ability to satisfy it is required.
Existing Demand in Foreign Markets
- Recognition of existing demand can be gauged through local shortages, significant export activities, or comparative pricing.
- Essential to offer equal or greater value to customers in foreign markets.
Indicators of International Marketing Opportunity
- Demand and supply dynamics within the domestic market serve as primary indicators.
- Continuous monitoring of these indicators helps identify emerging opportunities.
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Description
Test your knowledge of international market entry modes, analyzing international marketing, and indicators of international marketing opportunity with this quiz based on Chapter Four content. Explore the identification of unfulfilled demand in foreign markets and the recognition of goods and services to fulfill domestic demand.
